Curriculum Vitae

EXPERIENCE 

2018-now Supervisory Economist, Federal Housing Finance Agency (FHFA). 

2016-now Commissioner, Prince George's County Planning Board, M-NCPPC. 

2015-2016 Planning Committee Member, City of Hyattsville.

2014-2018 Senior Economist, FHFA. 

2012-2014 Economist, FHFA. 

2011-2012 Property Tax Consultant, Florida Department of Revenue. 

2007-2012 Economics Instructor, Teaching Assistant, Research Assistant, FSU.

2004-2005 Ambassadorial Scholar to Guatemala, Rotary International. 

2001-2004 Mathematics Instructor, The Princeton Review. 

1997-1999 Assistant to Field Appraisers, Leon County Property Appraiser. 

WORK IN PROGRESS

1. "The Lock-In Effect of Rising Mortgage Rates." (with R. Batzer, J. Coste, and M. Seiler). FHFA Working Paper 24-03. Coverage: Barrons, Boston Globe, Business Insider, Calculated Risk, CNBC, Entrepreneur, Financial Times, Investopedia, MSN, Newsweek, New York Times, Realtor.com, San Francisco Chronicle, Washington Post, Yahoo!Finance. Data available.

2. "Underappraisal Disparities and Time Adjustments to Comparable Sales Prices in Mortgage Appraisals" (with S. Susin). FHFA Working Paper 24-07.

3. "Banking on Buffers: Balance Sheet Responses to Household Demand, Macroeconomic Conditions, and Monetary Policy" (with M. Seiler and V. Wong). FHFA Working Paper 24-08. Blog.

4. "Disclosure Dilemmas: How Appraisal Information Reshapes Residential Property Valuations for Mortgage Lending" (with M. Seiler and M. Suandi)

5. "European Energy Crisis: Did Electricity Prices Shock Real Estate Markets?" (with B. Brolinson, A. Pollestad, and M. Seiler)

6. "Individual Borrower Motivations Surrounding Mortgage Forbearance Take-up and Exit" (with J. Contat, M. Seiler, and S. Weiner)

RESEARCH PUBLICATIONS

1. "Measuring Price Effects from Disasters Using Public Data: A Case Study of Hurricane Ian." (with J. Contat, R. Renner, and M. Rogers). Journal of Real Estate Research, forthcoming. Awarded the Marc Louargand Best Research Paper by a Practicing Real Estate Professional in 2024 by the American Real Estate Society (ARES). Earlier version: FHFA Working Paper 24-04. Blog. Open access.

2. "House Price Markups and Mortgage Defaults." (with P. Carrillo and W. Larson). Journal of Money, Credit and Banking, 55(4), 747-782, 2023. Awarded the best paper in 2018 in real estate valuation by the ARES. Earlier version: FHFA Working Paper 18-02.

3. "Mortgage Appraisal Waivers and Prepayment Speeds." (with J. Bosshardt and F. Xu). Cityscape, 24(3), 61-86, 2022. Earlier version: FHFA Working Paper 22-01.

4. "Applying Seasonal Adjustments to Housing Markets." (with W. Lin). Cityscape, 24(3), 87-122, 2022. Earlier version: FHFA Working Paper 22-03.

5. "Local House Price Dynamics: New Indices and Stylized Facts." (with A. Bogin and W. Larson). Real Estate Economics, 47(2), 365-398, 2019. Lead article. Open access. Coverage: Calculated Risk, Chicago Tribune, New York Times, NBC News, Wall Street Journal, Washington Post. Earlier version: FHFA Working Paper 16-01. Open access. Data available.

6. "Local House Price Paths: Accelerations, Declines, and Recoveries." (with A. Bogin and W. Larson). Journal of Real Estate Finance and Economics, 58(2), 201-222, 2019. Earlier version: FHFA Working Paper 16-02. Open access. Data available.

7. "Missing the Mark: Mortgage Valuation Accuracy and Credit Modeling." (with A. Bogin and W. Larson). Financial Analysts Journal, 75(1), 32-47, 2019. Awarded the best paper in 2016 in real estate market analysis by the American Real Estate Society. Coverage: National Mortgage News. Earlier version: FHFA Working Paper 16-04. Data available.

8. "Property Renovations and Their Impact on House Price Index Construction." (with A. Bogin). Journal of Real Estate Research, 41(2), 249-283, 2019. Awarded the best paper in 2017 in real estate valuation by the American Real Estate Society. Earlier version: FHFA Working Paper 17-02. Open access.

9. "How Low Can House Prices Go? Estimating a Conservative Lower Bound." (with A. Bogin and S. Bruestle). Journal of Real Estate Finance and Economics, 54(1), 97-116, 2017. Coverage: Calculated Risk, GARP, HousingWire, Inside Mortgage Finance, RealtyTrac. Awarded the best paper in 2015 in real estate cycles by the American Real Estate Society. Earlier version: FHFA Working Paper 15-1.  Open access.

10. "Overlooked Market Risk Shocks: Prepayment Uncertainty and Option-Adjusted Spreads." (with A. Bogin and N. Polkovnichenko). Journal of Fixed Income, 26(2), 5-15, 2016. Lead article. Open access. Earlier version: FHFA Working Paper 15-3.  Open access.

11. "Distressed Sales and the FHFA House Price Index." (with A. Leventis). Journal of Housing Research, 24(2), 127-146, 2015. Lead article. Coverage: WSJ blog, Appraisal Institute, HousingWire, Mortgage Bankers Association, Mortgage News Daily, and Mortgage Orb. Earlier version: FHFA Working Paper 13-1. Open access.

12. "The Role of Representative Agents in the Property Tax Appeals Process." (with K. Ihlanfeldt). National Tax Journal, 68(1), 59-92, 2015.

13. "An Empirical Analysis of the Property Tax Appeals Process." (with K. Ihlanfedlt). Journal of Property Tax Assessment & Administration, 10(4), 5-34, 2014. Lead article.

14. "Generating Historically-Based Stress Scenarios Using Parsimonious Factorization." (with A. Bogin). Journal of Risk Finance, 15(5), 591-611, 2014. Coverage: Global Association of Risk Professionals (webcast) and Emerald (video). Earlier version: FHFA Working Paper 13-2. Awarded Outstanding Paper of 2014 by the publisher and was the journal's most downloaded article published that year. Downloaded more than 1500 times.

15. "Collective Bargaining and Job Benefits in Florida Municipal Police Agencies, 2000-2009" (with W. G. Doerner). American Journal of Criminal Justice, 38(4), 657-677, 2013. 

16. “Police Accreditation and Clearance Rates." (with W. G. Doerner). Policing: IJPSM, 35(1), 6-24, 2012. Lead article. Received Highly Commended Paper Award as one of the journal's most impressive pieces in 2012.

17. “City Government Structure: Are Some Institutions Undersupplied?" (with K. Ihlanfeldt). Public Choice, 149(2), 109-132, 2011.

18. “House Prices and City Revenues" (with K. Ihlanfeldt). Regional Science and Urban Economics, 41(4), 332-342, 2011. Coverage included the Federal Reserve Bank of Atlanta (blog, podcast, iTunes) and Lincoln Institute of Land Policy (Land Lines).

19. “Collective Bargaining and Job Benefits: The Case of Florida Deputy Sheriffs." (with W. G. Doerner). Police Quarterly, 13(4), 367-386, 2010.

20. “The Diffusion of Accreditation Among Florida Police Agencies.” (with W. G. Doerner). Policing: IJPSM, 32(4), 781-798, 2009.